Cities for rent

The report "Cities for Rent" was created as a response to the increasing demand for rental flats across European cities, particularly highlighted during the COVID-19 pandemic. This cross-border collaborative project involved over 25 investigative journalists and data experts from 16 European countries, aiming to investigate corporate landlords and their impact on housing affordability. The project has been recognized with awards such as the European Press Prize and an honorable mention at the IJ4EU Impact Award 2022.

The demand for affordable housing has surged, making rental flats an attractive investment opportunity. Investment in residential real estate in Europe skyrocketed more than 700% from 2009 to 2020, escalating from €7.9 billion to €66.9 billion. However, while investment flows to housing have increased, many individuals struggle to find decent and affordable accommodations.

The investigation reveals that corporate landlords, such as American investment funds, have been acquiring homes in various European cities, often leading to significant rent hikes and eviction of tenants. Notable cases include Blackstone in Madrid, which purchased over 4,800 homes initially meant for affordable housing, resulting in doubled rents and widespread evictions. Similarly, tenants in Dublin faced aggressive eviction tactics from another corporate landlord, highlighting abusive practices that have emerged in numerous cities.

Cities such as Madrid, Dublin, Lisbon, Paris, London, Copenhagen, and Berlin have all reported issues with corporate landlords. The report details instances where properties were sold under dubious circumstances, and tenants faced severe rent increases and poor living conditions. For example, in Lisbon, a building was sold as "unoccupied" despite housing 12 families, and in Paris, tenants complained of rights abuses by Akelius, a prominent corporate landlord.

One of the critical challenges identified is the lack of transparency from corporate landlords, making it difficult to access relevant data about housing investments. Local governments often lack precise information regarding the extent of corporate ownership in their housing markets, complicating the public discourse on housing issues. The report suggests that enhanced data availability is essential for informed discussions about housing affordability and tenant rights across Europe.

"Cities for Rent" aims to foster an open collaborative effort to address the housing affordability crisis in European cities. By sharing research methodologies, limitations, and data visualization techniques, the project seeks to encourage further investigation into the impact of corporate landlords on housing markets. The initiative invites contributions from the public and stakeholders interested in understanding and addressing the challenges facing renters.

The findings of the "Cities for Rent" investigation underscore a pressing need for policies that protect tenants and ensure housing affordability in the face of increasing corporate investment. The project serves as a vital resource for understanding the complexities of the housing crisis in Europe and emphasizes the importance of transparency and collaboration in addressing these challenges.